The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

TEMPO.CO, Jakarta - China confirmed on Friday the details of the trade deal framework with the United States. Beijing stated that Washington would withdraw " restrictive measures ," while Beijing would "review and approve" the goods under export control.

The deal involves loosening exports of rare earths to the United States and the lifting of some restrictions on U.S. goods to China, China’s Ministry of Commerce said.